Question $1$

Optimising Construction Project Efficiency in Malaysia: A Systematic Engineering Economy Study and Flow$-$Based Problem Reformulation

An engineering economy study involves many elements: problem identification, definition of the objective, cash flow estimation, financial analysis, and decision$-$making. Implementing a structured procedure is the best approach to selecting the best solution to the problem. The steps in an engineering economy study are as follows:

$1.$ Identify and understand the problem; identify the objective of the project

$2.$ Collect relevant, available data and define viable solution alternatives

$3.$ Make realistic cash flow estimates

$4.$ Identify an economic measure of worth as a criterion for decision$-$making

$5.$ Evaluate each alternative: consider non$-$economic factors, and use sensitivity analysis

$6.$ Select the best alternative

$7.$ Implement the solution and monitor the results

Construction projects in Malaysia often face delays due to various factors such as floods, COVID$-19,$ and external issues. Sources of variability in the construction industry include late deliveries, design errors, equipment breakdowns, and labour$-$related challenges. Traditionally, professionals in the field have prioritised conversion activities, neglecting flow$-$related issues. To address this, it is crucial to eliminate waste and create a streamlined flow, as stagnant work or materials in inventory can tie up both money and space. Define the main problem and reframe it using the seven$-$step systematic principles of engineering outlined above.

$1)$ Identify the company problems, objectives and alternatives

$2)$ Define and develop at least one$-$potential flow to select the process